Impressive Growth in Cyprus Tourism Revenue: €223.3m in Q1 2024, Surging 11.7% YoY

Revenue from tourism reached an estimated €223.3m in January–March 2024, rising 11.7% compared to €200m in the first quarter of 2023, Cystat said.

Based on the results of its Passengers Survey, in March, revenue from tourism reached €113m, compared to €97.8m in the corresponding month of 2023, recording an increase of 15.5%.

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The average expenditure per person was €558.88 in March 2024 compared to €530.72 in March 2023 (up 5.3%).

Tourists from the United Kingdom, again Cyprus’ largest tourist market with 31.8% of the total in March, spent on average €73.49 per day, while tourists from Poland, the second largest market with 10.4% of total tourists, spent on average €75.86.

Tourists from Germany, the third largest market with 9.8%, spent on average €98.66 per day, while tourists from Greece with 9% of the market, spent on average €43.37 per day.

Finally, tourists from Israel, the fifth place on the market with 8.2%, spent on average €143.21 per day.

The Future Forbes Realty Global Properties

Cyprus Apartment Sales Lead New Housing Market In 2025

by THEFUTURE.TEAM

March 26, 2026

Overview Of A Dynamic Sector

Apartments accounted for the majority of new residential property transactions in Cyprus in 2025, according to Landbank Analytics. Demand was concentrated in lower and mid-range price segments. Data show buyers focused on properties priced up to €300,000. The segment reflects affordability constraints and investment demand.

Robust Demand In The Apartment Segment

Analysis of off-plan and under-construction contracts shows apartments remained the most active property type. Activity was highest in the €150,000 to €300,000 range. Segment recorded 3,396 transactions, representing more than half of total apartment sales. Data indicate strong demand in mid-range pricing.

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Diverse Price Brackets And Transaction Volume

Lower-priced apartments between €0 and €150,000 recorded 1,353 transactions, or 21.2% of the market. The mid-to-high segment between €300,000 and €500,000 accounted for 1,205 sales, or 18.9%. Higher price brackets showed lower activity. Sales reached 234 units in the €500,000 to €750,000 range and 60 units between €750,000 and €1 million. Apartments above €1 million accounted for 134 transactions, or 2.1%. Total apartment sales reached 6,382 units with a combined value of €1.77 billion.

Contrast With The Housing Market

House sales showed a different distribution across price segments. Higher price ranges accounted for the largest share of transactions. Sales in the €300,000 to €500,000 segment reached 574 units, or 40% of the total. Properties priced between €150,000 and €300,000 followed with 405 transactions, or 28.2%. Higher segments included 255 homes in the €500,000 to €750,000 range and 80 units between €750,000 and €1 million. Properties above €1 million accounted for 116 sales, while volumes below €150,000 remained limited.

Strategic Insights And Market Adjustments

Landbank Group CEO Andreas Christophorides said apartments remain the primary option for buyers and investors. Demand is concentrated in price segments below €300,000. Houses are increasingly positioned in higher price brackets. Segment reflects demand from higher-income buyers.

Outlook For A Resilient Real Estate Backbone

Real estate continues to play a central role in Cyprus’ economy. The market offers a range of properties across price segments. Christophorides described 2025 as a year of adjustment. Apartment demand remained stable, while house sales reflected higher-income purchasing patterns.

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